June 4, 2018 / 5:27 PM / a year ago

SocGen says to pay $1.3 billion to settle U.S., French probes

A man passes by the logo on the headquarters of French bank Societe Generale at the financial and business district of La Defense at Puteaux near Paris, outside Paris, France, May 14, 2018. REUTERS/Charles Platiau

PARIS (Reuters) - Societe Generale SOCG.PA said on Monday it had agreed to pay around $1.3 billion in penalties to authorities in the United States and in France to resolve investigations into its transactions in Libya and its handling of money market rates.

The French bank said the fines were covered by existing provisions and would have no impact on its results, adding that the money set aside for litigation would stand at 1.2 billion euros ($1.40 billion) following these settlements.

SocGen said no independent compliance monitor had been imposed by U.S. authorities as a result of the settlement.

It added that one of its subsidiaries which issues investment products in the United States had pled guilty in connection to the Libya probe but that it would have no impact on “its ability to perform its obligations as an issuer.”

($1 = 0.8553 euros)

Reporting by Mathieu Rosemain; Writing by Sarah White; Editing by Michel Rose

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